Hire payment in time charters: a condition or not – a legal perspective
Chartering is an important concept of the global maritime trade sector and it consists of different types. One of the forms of carrying out a maritime business is a time charter.
Under a time charter, the owners undertake to place their ship at the disposal of the charterers for a defined period of time for the carriage of goods in accordance with the charterer’s instruction, while the ship remains in both the ownership and possession of the owners, and the officers and crew who man her will be the employees of the owners, not the charterers.
In this article we are going to look at some particulars of time charters and, in particular, New York Produce Exchange Form 1993 (NYPE 1993) recommended by BIMCO and FONASBA.
